The Treasury opened public consultation on 30 October 2026 on two draft policies to strengthen long-term investment planning and asset management across central government agencies.
At a glance
Treasury's new draft policies would turn a decade of soft guidance into enforceable minimum standards for how agencies plan and manage public assets.
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The Treasury opened public consultation on 30 October 2026 on two draft policies to strengthen long-term investment planning and asset management across central government agencies.
The Long-term Investment Plan Policy sets minimum expectations for agencies to identify future investment needs over at least a 10-year horizon. It requires assessment of options, trade-offs and multiple funding scenarios.
The Asset Management Planning Policy sets minimum expectations for stewardship, lifecycle planning, asset information, performance, risk management and continuous improvement.
These policies respond to the National Infrastructure Plan released by Te Waihanga in February 2026. Recommendation 3 called for legislative requirements for capital-intensive agencies to publish long-term plans. Recommendation 6 sought performance reporting against those plans.
The Government response on 16 June 2026 supported these recommendations. Legislation amending the Public Finance Act and Crown Entities Act is planned for 2027.
Treasury's 2025 Investment Statement found central government owns $571 billion in assets and $380 billion in liabilities. New Zealand ranks fourth-lowest in the OECD for asset management practices.
Previous guidance on Long Term Investment Plans dates to June 2017. Asset Management Guidance followed in November 2023. Both relied on expectations rather than enforceable policy standards.
Cabinet agreed in April 2026 to five key changes to the Investment Management System. These include a consolidated Investment Decision Assurance framework effective 1 November 2026 and a dedicated assurance function from mid-2027 coordinated by the Infrastructure Commission.
The draft policies emphasise proportionality based on agency investment needs and maturity. They integrate with Budget decisions and Quarterly Investment Reporting.
NIP Forward Guidance indicates maintenance and renewals should comprise about 60 per cent of infrastructure spend over the next 30 years.
The policies aim to shift focus from unconstrained new builds toward credible renewal pathways.
Consultation runs from 1 November 2026 to 18 December 2026. Feedback must use the template and go to investmentmanagement@treasury.govt.nz.
Stakeholders invited include departments, Crown entities, monitoring agencies, assurance practitioners and infrastructure professionals.
Policies are expected to finalise in February 2027. They will take effect through an update to Cabinet Office Circular CO (23) 9 in June 2027.
Better planning should reduce reactive spending and improve balance-sheet outcomes. Agencies will face clearer accountability for trade-offs and funding realism.
The shift from guidance to policy addresses historic gaps where agency intentions exceeded fiscal allowances. It supports optimisation of the existing asset base rather than endless new investment.
